Montgomery Council Committee to Discuss Proposed Supplemental Biotech Tax Credit
Also on Monday, March 1: FY 2011-16 CIP Review for Housing and Community Development
ROCKVILLE, Md., February 26, 2010—The Montgomery County Council’s Planning, Housing and Economic Development (PHED) Committee on Monday, March 1, will hold a worksession on proposed Expedited Bill 5-10 that would commit the County to supplement the state biotechnology investment incentive tax credit. The credit would serve as an incentive for biotech companies to locate in the County.
The tax credit’s chief sponsor on the Council is Councilmember Mike Knapp, chair of the PHED Committee. Councilmembers Valerie Ervin, Nancy Floreen, George Leventhal and Duchy Trachtenberg are co-sponsors. The measure is strongly supported by County Executive Isiah Leggett.
The PHED Committee, which includes Councilmembers Floreen and Marc Elrich, will meet at 2 p.m. in the Seventh Floor Hearing Room of the Council Office Building at 100 Maryland Ave. in Rockville.
The proposed biotech credit would provide a 50 percent County credit to supplement the credit the state provides for qualifying companies.
At 9:30 a.m. in the Seventh Floor Hearing Room, a joint meeting the Health and Human Services Committee and the Education Committee will hold a worksession on the proposed Capital Improvements Program (CIP) for Fiscal Years 2011-16 for the Department of Housing and Community Development. Among the items to be discussed is the Housing Initiative Fund’s Affordable Housing Acquisition and Preservation program.